1928
DOI: 10.2307/2224097
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Increasing Returns and Economic Progress

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Cited by 1,559 publications
(570 citation statements)
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“…The difference between the two aggregate production profiles is considered as positive network effects of division of labor on aggregate productivity. This network effect implies that each person's decision of her level of specialization, or gains from specialization, depends on the number of participants in a large network of division of labor, while this number is determined by all individuals' decisions in choosing their levels of specialization (so-called "the Young theorem", see [25]). Since economies of specialization is individual specific (learning by doing must be achieved through individual specific practice and cannot be transferred between individuals), labor endowment constraint is specified for each individual, so that increasing returns are localized.…”
Section: The Framework Of General Equilibrium Model Of Transaction Comentioning
confidence: 99%
“…The difference between the two aggregate production profiles is considered as positive network effects of division of labor on aggregate productivity. This network effect implies that each person's decision of her level of specialization, or gains from specialization, depends on the number of participants in a large network of division of labor, while this number is determined by all individuals' decisions in choosing their levels of specialization (so-called "the Young theorem", see [25]). Since economies of specialization is individual specific (learning by doing must be achieved through individual specific practice and cannot be transferred between individuals), labor endowment constraint is specified for each individual, so that increasing returns are localized.…”
Section: The Framework Of General Equilibrium Model Of Transaction Comentioning
confidence: 99%
“…The origin of contemporary poverty trap theory is often traced back to work done in the 1950s. Nurkse (1953), building on work by Young (1928), studied the possibilities for economic growth in underdeveloped countries, investigating notions of circular and cumulative causation driving a vicious cycle of poverty, which were further developed by Myrdal (1957). Coordinated and complementary investments in industrialization, delivering a "big push" for growth, were suggested as a solution to the vicious cycle for underdeveloped nations (Nurkse 1953, Rosenstein-Rodan 1984.…”
Section: Poverty Traps In the Development Literaturementioning
confidence: 99%
“…This ambiguous "definition" immediately invited furious debate about whether these increasing returns were compatible with the competitive equilibrium [2]- [7]. These discussions further degenerated into confusion.…”
Section: Introductionmentioning
confidence: 99%